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Cop 30 presidency advances climate finance roadmap
Cop 30 presidency advances climate finance roadmap
Sao Paulo, 10 April (Argus) — The UN Cop 30 climate summit's presidency is advancing its Baku to Belem climate financing roadmap along with several multinational partners, aiming to mobilize action towards a goal of $1.3 trillion/yr by 2035. The roadmap sets out paths to scale climate finance for developing countries. The Cop 30 presidency, held by Brazil, will prioritize developing a framework and monitoring tool to evaluate and keep track of global finance mobilization, it said. Stronger and more coordinated contributions among governments will be the next step to reach a global response to climate change, focusing on implementation of already-settled nationally determined contributions and adaptation plans. The Cop 30 presidency wants to deliver a first implementation update on global financing progress towards the $1.3 trillion goal by the Cop 31 summit, to be held in Antalya, Turkey, in November. It is an initial step to be continued in further climate-focused efforts. The roadmap also includes clarifying policy interventions and future pathways needed to scale finance across public and private resources. The Cop 30 presidency is also working on separate roadmaps to phase out fossil fuels and reduce deforestation. It has asked for public contributions on both . By João Curi Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Nigeria a net gasoline exporter for first time in March
Nigeria a net gasoline exporter for first time in March
London, 10 April (Argus) — Nigeria was a net exporter of gasoline for the first time in March, capping a transformation in the country's position from a heavy net importer of the product to a global supplier. West Africa's largest economy received 41,000 b/d of gasoline in the month, the lowest on Kpler records. Dangote crude receipts in the month were the second highest since the 650,000 b/d refinery started operations at the end of 2023, at 565,000 b/d, suggesting healthy run rates and gasoline output, cutting reliance on foreign supply. Dangote booked just 10pc of the gasoline imported to Nigeria last month. Independent marketing firms took up recently issued import permits, allowing Dangote to funnel more of its production to export markets. Lower domestic demand may have left a greater amount of gasoline available for export in March. Local sources cited a 40pc increase in retail prices because of the US-Israel war against Iran and the effective closure of the strait of Hormuz, which probably weighed on consumer demand. Nigeria also appeared to be sitting on comfortable gasoline stocks going into March , market participants said. Dangote gasoline exports were 44,000 b/d in March, up from none in January-February. As the sole gasoline producer in Nigeria, Dangote loadings helped tip the balance, making the country a net gasoline exporter of 3,000 b/d in March. Dangote made forays into the east African market in March for the first time, loading a 317,000 bl gasoline cargo signalling for Mozambique. East African gasoline import demand from Dangote rose as the region scrambles for alternative supply in the absence of Mideast Gulf product. Dangote's sole gasoline export to date in April is also destined for Beira, Mozambique. Nigeria's status as a net-gasoline exporter compounds Europe's gasoline oversupply conundrum, as the west African country is on the way to becoming a competitor rather than an customer. Nigeria is probably better positioned to place gasoline into west or east Africa to cover war-related shortfalls. Some tanker fixtures of gasoline loading in Europe for delivery to east of Suez ports failed in March, probably because of elevated freight rates. It remains to be seen if Nigeria can replicate its March milestone, given the small size of its net export position. A rise in local demand, fewer gasoline import permits issued, or lower run rates at Dangote could each tip the balance back towards more familiar territory. By George Maher-Bonnett Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EU could face jet fuel shortages in three weeks: ACI
EU could face jet fuel shortages in three weeks: ACI
London, 10 April (Argus) — EU airports could experience jet fuel shortages in the next three weeks, airports association ACI Europe has said. "If the passage through the strait of Hormuz does not resume in any significant and stable way within the next three weeks, systemic jet fuel shortage is set to become a reality for the EU", the organisation said in a letter to the European Commission. The letter follows a special meeting of the commission's Oil Co-ordination Group earlier this week, which ACI attended. Around 40pc of Europe's jet fuel imports transit the strait of Hormuz, but no jet cargoes bound for Europe have passed the strait since before the war between the US, Israel and Iran broke out on 28 February. The final cargo to have done so discharged earlier this week, in the Netherlands and Denmark, from the STI Supreme . Europe has adequate jet fuel supply at present, but traders and suppliers are extremely concerned about the coming weeks, and at least one European airline said suppliers could soon declare force majeure. These market participants broadly agree the effects will materialise by May , because Europe will be unable to fully replace lost Mideast Gulf supply. The fragile two-week ceasefire in the Gulf has done little to alleviate these concerns. Mideast Gulf loadings are unlikely to return to pre-war levels anytime soon, given high costs, the difficulty of securing insurance and the risk of continued attacks. This is in addition to major damage to regional energy infrastructure. It would also take at least four weeks for cargoes to arrive in Europe even if shipping resumes immediately. Stock levels in European countries vary, meaning some could face shortages sooner than others . In the most extreme scenario, the UK could run out of kerosine in three months, Portugal in four months and Hungary in five, Argus analysis shows, if Mideast Gulf supply cannot be replaced and if the impact spreads proportionally across importers. ACI Europe proposed measures the commission could adopt, including lifting restrictions and regulatory constraints — such as clarifying the EU Methane Emissions Regulation — collective purchasing of jet fuel, targeted refinery obligations and allowing producers to earmark part of their fuel sale premiums for financing sustainable aviation fuel (SAF). The organisation also called on the commission to develop EU-wide mapping, assessment and monitoring of jet fuel production and availability. European refiners are maximising jet production , Argus understands, and importing more from the US . By Amaar Khan Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
US inflation quickens to 3.3pc in March, gasoline soars
US inflation quickens to 3.3pc in March, gasoline soars
Houston, 10 April (Argus) — US inflation surged to an annual 3.3pc in March, lifted by higher war-driven energy costs, including the largest monthly gain for gasoline on record. The consumer price index rose at the fastest pace since mid-2024, climbing from 2.4pc in the 12 months through February, according to the Bureau of Labor Statistics (BLS). The gain was in line with estimates of economists surveyed by Trading Economics. Energy rose to an annual 12.5pc in March compared with a 0.5pc annual gain in February. The 10.9pc monthly gain in energy was the largest for a single month since September 2005. Gasoline surged by an annual 18.9pc in March after falling by 5.6pc in February. Gasoline's monthly gain was 21.2pc, the largest monthly gain since records began in 1967, according to BLS. Fuel oil rose by 44.2pc in March from a year earlier, following a 6.2pc annual gain in February. The 30.7pc monthly gain in fuel oil was the highest monthly gain since February 2000, according to BLS. Energy services rose by an annual 5pc in March compared with a 6.3pc gain in February. Electricity rose by 4.6pc compared with a 4.8pc gain in February. Airline fares rose by 14.9pc following a 7.1pc gain the prior month. Core drop, flat Fed rate still expected So called core inflation, which strips out more volatile food and energy, rose by 2.6pc compared with a 2.5pc gain the prior month. "Looking ahead, core CPI inflation still looks set to fall this year, now that nearly all the tariff costs have been passed through to consumer prices, unit labor costs are rising at a sub-2pc pace, and new rents are essentially flat," Pantheon Macroeconomics said in a note. Fed funds futures suggest the Federal Reserve is likely to keep its target rate unchanged at 3.5-3.75pc through the end of the year, with about a 24pc probability of one quarter-point rate cut by December and just a 1.1 point chance of a rate hike. Services less energy services, considered core energy services, rose by 3pc compared with a 2.9pc gain the prior month. Medical care services rose by 3.7pc following a 4.1pc annual gain. Food rose by an annual 2.7pc following a 3.1pc gain. Meat rose by 6.8pc, down from 8.6pc. Shelter rose by 3pc, unchanged from the prior month. New vehicles rose by 0.5pc while used vehicle prices fell by 3.2pc in March from a year prior, both unchanged from a month earlier. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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